Sitting on the Market

Everybody is hearing stories of listings selling in days, even before they hit the market. There are multiple offers, reminiscent of the good old days. “There’s no inventory,” is the common cry lately. Then why are there still properties sitting on the market for 4 months and longer, much longer? Well, I’ll tell you… they are overpriced. This is a strong indicator that although we have a ton of buyers out there, and there are feeding frenzies on some properties, buyers are sill resistant to over pay. It may feel like we are back to 2005 in many ways, but buyers have more self control. They are not throwing money blindly at a home just to get in the market. (This is what helped inflate the market so quickly last time.) No this time, we are going to see slow growth. And while inventory is “soooo” low, buyers are not going to throw caution to the wind. Good!